What Happened?
Shares of online home goods retailer Wayfair (NYSE: W) jumped 6.6% in the afternoon session after the company reported strong third-quarter results and received multiple analyst upgrades, fueling continued positive momentum. The stock's rise extended a surge from previous trading sessions after Wayfair's third-quarter financial results surpassed expectations, with revenue hitting $3.117 billion and adjusted earnings per share reaching $0.70. This performance prompted positive reactions from analysts. Bank of America shifted its outlook from Neutral to Buy and increased its price target to $130. In addition, RBC Capital raised its price target to $86. Adding to the good news, the company appointed Hal Lawton, the CEO of Tractor Supply Company, to its board of directors, a move that signaled strong leadership to investors.
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What Is The Market Telling Us
Wayfair’s shares are extremely volatile and have had 46 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 3 days ago when the stock gained 8.8% on the news that the company appointed Hal Lawton, president and CEO of Tractor Supply Company, to its board of directors and RBC Capital raised its price target. The addition of a successful CEO to the board signaled strong leadership. Alongside this news, RBC Capital increased its price target for Wayfair to $86 from $51. This followed the company's third-quarter results, which showed an 8.1% increase in net sales. The company also announced plans to open a new, smaller-format store in Columbus, Ohio, in late 2026 to test a different retail model.
Wayfair is up 145% since the beginning of the year, and at $112.88 per share, has set a new 52-week high. Investors who bought $1,000 worth of Wayfair’s shares 5 years ago would now be looking at an investment worth $465.09.
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